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Title: Which Country Will Emerge As The Next Banking King? Post by: jimbobway on February 17, 2012, 12:42:36 AM It seems like the U.S. is putting itself in a position to lose in the P2P banking revolution with all its regulations. If it weren't for regulations there would be so many U.S. bitcoin exchanges now. People are afraid to get in trouble with state and gov't laws.
Because of U.S. regulation people and companies in other countries are dominating the bitcoin businesses including, Mt. Gox and Bitcoinica. Less regulation means more opportunity. Which country has the least regulations to allow bitcoins to thrive? Title: Re: Which Country Will Emerge As The Next Banking King? Post by: Jon on February 17, 2012, 12:54:54 AM Every first-world country is subject to international banking sanctions. There will be no Bitcoin banking king...
...besides Tor hidden services. Title: Re: Which Country Will Emerge As The Next Banking King? Post by: Stephen Gornick on February 17, 2012, 01:45:58 AM There is buying and selling of bitcoins occurring person-to-person on the #bitcoin-otc marketplace, for instance. Transfers between trusted parties go via PayPal, AmEx's Serve, MoneyPak, Dwolla, PopMoney (ACH), redeemable codes, gift cards, game codes, etc.
Today Barclays added a person-to-person mobile payments service (recipient doesn't need to bank with Barclays, funds route to any UK bank) Though the regulations are getting set up to make every transaction where full know-your-customer (KYC) isn't performed to be a violation of the regulations, there's no way they will (or want to) stop you from using these person-to-person payment system to transact for whatever purpose you wish. What's worse is that if typical use becomes something deemed illegal, non-compliance will become habit. Perhaps it is somewhat like with speeding -- the chances of getting caught for going over the limit by just a little are fairly low, unless they are looking for a reason to pull you over. Title: Re: Which Country Will Emerge As The Next Banking King? Post by: evoorhees on February 17, 2012, 02:32:08 AM It would be a place in the Caribbean or maybe Panama. Or, a place like Dubai, Singapore, or Hong Kong. I'd move to any of them in a second if they gave sanction to the coin.
Title: Re: Which Country Will Emerge As The Next Banking King? Post by: zer0 on February 17, 2012, 04:23:39 AM The US has never been friendly to digital currencies. There's a reason for the last 10+ years no LR, Pecunix, PM ect exchangers operate out of there. Everything has been 'offshore' since the mass e-gold/e-bullion arrests
If you want privacy get a Seychelles corporation and use it to open bank accounts in Panama/Belize/Latvia/Cyprus Search every known LR exchanger and see where they operate out of (usually unlicensed in Russia, using Okpay in British Virg Isl as a bank account to receive/send transfers or Malaysia, or CIS like Azerbaijan) Title: Re: Which Country Will Emerge As The Next Banking King? Post by: evoorhees on February 17, 2012, 04:28:38 AM The US has never been friendly to digital currencies. Replace the world "digital" with "any", and then replace the word "currencies" with "part of the economy" Title: Re: Which Country Will Emerge As The Next Banking King? Post by: evoorhees on February 17, 2012, 07:48:59 PM Singapore. They just removed their VAT on precious metals. Dubai removed the VAT, income tax, corporate tax, sales tax, and property tax on everything... or more specifically, they never had them =) But, good on Singapore, that's very smart of them. If only they'd apply the logic consistently... if removing taxes on Good X makes country trading hub for Good X, then wouldn't removing taxes on all goods make country trading hub for all goods? Few of the world's brilliant leaders have ever been able to figure this out. Title: Re: Which Country Will Emerge As The Next Banking King? Post by: Wandering Albatross on February 17, 2012, 08:07:56 PM U.K.
Ever hear of the City Of London? No regulations, do whatever you want. Don't believe me though. Check out hypothecation and re-hypothecation. Check out the keiser report on same. Title: Re: Which Country Will Emerge As The Next Banking King? Post by: Wandering Albatross on February 17, 2012, 10:19:01 PM Quote from: Andrew Bitcoiner they fine you for not having your rubbish bins within the proper place Munter, well we were discussing econ/finance but I suppose that rubbish bins play heavily into it as they produce so much rubbish. So the two top money makers in the City Of London are
So still seems spot on as the top candidate for banking king (or queen). Title: Re: Which Country Will Emerge As The Next Banking King? Post by: Desolator on February 18, 2012, 07:20:41 AM Nigeria! lol. I heard that a rich Nigerian prince needed some help trying to move some bitcoins into the country ;D It's very believable because Nigerian computers don't have the resources to run the bitcoin client lol.
Title: Re: Which Country Will Emerge As The Next Banking King? Post by: modrobert on February 18, 2012, 07:41:33 AM I think you need the exchange sanctioned by an influential western country cornered into a diplomatic deal *, and even then it will probably end after a few decades with the usual smear campaign turning any Gandhi like leader into a raving madman with nazi ties and porn found in his residence.
*) Eg. [Libya] -"Allow us to run this Bitcoin exchange if you still want the oil." |